Lundin Petroleum has announced that it has entered into a committed short term revolving credit facility (RCF) of US$300 million and received additional commitments of $135 million under the reserve-based lending (RBL) facility accordion…
Shell has started oil production from the third phase of its Parque das Conchas (BC-10) development, offshore Brazil, in hopes of adding up to 20,000 boe/d. The Espirito Santo FPSO. Image from SBM Offshore…
UK North Sea industry trade body Oil & Gas UK set out a string of tax change proposals which it says could help boost the ailing industry’s competitiveness and investors confidence. The calls for urgent tax reform follow the trade association’s latest activity report…
Global offshore drilling giant Transocean has set back the delivery date for five new jackup rigs by nearly four years. In an agreement with rig builder Keppel Offshore & Marine's shipyard, Keppel FELS, delivery of the five Super B 400…
Henrique Paula, of ABS, explains how data analytics can be used to improve safety, environmental protection, operational efficiency, and profitability in emerging energy markets such as Mexico. One of the most promising and legitimate…
National Ocean Industries Association (NOIA) president Randall Luthi, issued the following statement supporting the Atlantic Offshore Energy Caucus’s call for the Department of the Interior's retention of proposed Atlantic lease sale: “I…
ExxonMobil added 1 billion boe of proved oil and gas reserves in 2015 for a total of 24.8 billion boe that was a result of new developments, and a significant discovery offshore Guyana. Image from ExxonMobil…
Petrobras has discovered 'good quality oil' in a new well in the giant Libra field, in the pre-salt Santos basin, offshore Brazil. Map of the Libra field, from Petrobras. Well 3-BRSA-1305A-RJS…
Dana Petroleum has successfully completed the drilling of the Lille John-2 appraisal well and side-track on the Lille John oil field in license 12/06 in the Danish North Sea last week. Map from Dana Petroleum…
Blackstone and former senior executives of Pride International have partnered to form Clarion Offshore Partners, a platform to provide strategic solutions to the offshore oil and gas drilling and services sector, with a financial commitment from private equity funds managed by Blackstone…
In the International Energy Agency’s (IEA) oil market report for February 2016, signs of a demand slowdown surface, with higher OPEC output only partly offsetting non-OPEC decline. Having peaked, at a five-year high of 1.6 MMb/d in 2015…
The depressed oil price environment is painting a gloomy outlook for North American exploration and production (E&Ps) companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow…
National Ocean Industries Association (NOIA) president, Randall Luthi, issued the following statement ahead of President Obama’s budget request: “The [US] is the global leader in oil and gas production and American consumers are enjoying the lowest gasoline prices in a decade…
Wood Mackenzie's latest global oil production analysis* indicates that 3.4 MMbbl/d of oil production is cash negative at a Brent oil price of US$35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with around 100…
At Subsea Expo, Subsea UK has announced that it will sponsor an initiative which inspires budding subsea engineers for a second year. The body which represents the US$13.1 billion (£9 billion) subsea industry has now committed over $29…
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